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| Floating Solar Panels Market |
The Floating solar panels market enables the installation of photovoltaic systems on floating structures like lakes, oceans, reservoirs, and quarry lakes. These panels consist of photovoltaic modules installed on photovoltaic tracker systems mounted on floating structures or anchored floating frameworks. The panels help maximize usable surface area, avoid loss of land area for power generation, and help maintain ambient lake temperatures which helps regulate electricity output. The Global Floating Solar Panels Market is estimated to be valued at US$ 35.9 MN in 2024 and is expected to exhibit a CAGR of 29.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Floating solar panels market include Ciel &
Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd., KYOCERA Corp.,
LONGi Solar, Trina Solar, Vikram Solar Ltd., Wuxi Suntech Power Co., Ltd.,
Yellow Tropus Pvt. Ltd., and Yingli Solar. These players are focusing on
expanding their manufacturing facilities and product portfolios to cater to the
rising demand.
Some key opportunities in the market include favorable government policies
promoting renewable energy adoption, declining solar module prices increasing
project viability, and growing emphasis on integrating panels into existing
water infrastructure projects across regions. Major players are also investing
in research & development to introduce efficient flexible panel designs and
floaters tailored for large reservoirs and seawater applications to exploit
untapped markets.
The Global
Floating Solar Panels Market Trends
is also witnessing high growth prospects in regions like the Asia Pacific and
Middle East & Africa. China, Japan, India, and Southeast Asian nations are
investing heavily in setting up large capacity floating solar parks. Similarly,
countries in Africa and the Middle East with large reservoirs are actively
pursuing projects to bolster renewable energy mix using innovative floating
solar solutions.
Market Drivers
The rising global demand for renewable energy along with supportive government
policies promoting solar rooftop installations is driving the adoption of
floating solar panels. Countries have outlined renewable purchase obligations
and attractive feed-in-tariffs for projects using these innovative systems.
Another key driver is the surging requirement for alternate low-cost
land-saving solutions. Floating solar helps optimize usable surface area of
water bodies for power generation at competitive costs vs land-based
installations.
Market Restraints
Higher initial setup and installation costs for floating racking systems and
floating platforms required for anchoring panels remain a major challenge
limiting widespread adoption. Additional costs are involved for mooring parts,
corrosion protection, and module sealing. Financial viability also depends on
suitable water depth, geography, and aquatic conditions of the project site.
Stringent design standards and testing needs for ensuring system durability in
harsh underwater environments further add to costs.
Segment Analysis
The commercial segment dominated the market in 2024 with a market share of more
than 55%. This is because commercial establishments such as industries,
corporate offices, and malls have higher electricity requirements and are
investing significantly in renewable energy to reduce their long-term energy
costs and meet sustainability targets. The utilities segment is anticipated to
witness highest growth during the forecast period owing to increasing solar
power projects globally by utilities providers to generate clean energy.
Global Analysis
The Asia Pacific region dominated the global floating solar panels market in
2024 with a share of over 60%. China accounted for the largest market in the
region due to extensive government support through incentives and targets for
renewable energy generation. Europe is projected to witness the highest growth
during the forecast period owing to stringent government regulations
restricting carbon emissions coupled with growing investments to achieve
renewable energy targets set by EU countries. Supportive government policies
promoting renewable energy adoption will continue to drive the demand for
floating solar panels in countries including Japan, India, UK, France and Spain
in the coming years.
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